Developer plans $54 million in new apartment projects

Back to TopCommentsE-mailPrintBookmark and Share

A local developer plans to invest more than $54 million to build apartment communities adjacent to the Rivers Edge shopping center in Indianapolis and Metropolis in Plainfield.

The plan by Hearthview Residential is yet another sign of confidence among apartment owners and developers that a shift toward renting and away from buying is here to stay. Multifamily housing has been a bright spot in an otherwise dismal real estate market.

Hearthview’s plan calls for 230 high-end apartment units behind Clearwater Crossing shopping center at 82nd Street and Dean Road, within walking distance of the renovated Rivers Edge shopping center anchored by Nordstrom Rack and The Container Store.

The project, set to take seven acres including an undeveloped field, part of a parking lot and the long-vacant former Blockbuster Block Party building, will cost about $24 million, said Hearthview Principal Jim Thomas.

The design will be modern, Thomas said, inspired in part by the updated look of Rivers Edge, which is owned by locally based Kite Realty Group Trust.

Hearthview also plans to build 300 units on a parcel near the Metropolis mall in Plainfield in a $30 million project. That development is not as far along as the Clearwater proposal, Thomas said.

Hearthview acquired the Clearwater property from both The Broadbent Co., which owns the Clearwater Crossing shopping center, and an out-of-state trust that owned the former Block Party, a failed amusement concept from the now-in-bankruptcy Blockbuster Video.

The one- and two-bedroom apartments will rent for between $900 and $1,500. Groundbreaking is scheduled for spring 2012.

The project should perform well since it contains just the right number of units in a prime location, said John Hart, president of Carmel-based J.C. Hart Co.

Hart noted that the number of permits for new apartments in the nine-county metro area still lags the historic highs during the real estate market peak, while demand for quality rental units continues to grow.

Others developers apparently agree, as new apartment projects are in the works all over central Indiana.

Another that just broke ground: A $20 million, 219-unit development by Indianapolis-based REI Investments along State Road 421 in Zionsville.


  • It is a Good Sign for People
    we Already have so many apartment complexes in Indianapolis ,In , But still there is a need for new complexes .

  • density
    People that will live right there will hopefully be able to walk to do the shopping. Then there is that thing called mass transit. Density and mass transit really get along. So, I guess instead of complaining about density (it's just inevitable since eventually you run out of cheap farm land), you should really be complaining about the lack of mass transit options.
  • even more overload along 86th/82nd corridor
    All recent announcements...1)
    Keystone Construction's plans for a $40MIL project with high-end apartments and retail space at the northwest corner of 86th St & Keystone Ave. 2)Veritas Realty has put a 1.6-acre parcel across 82nd St from Rivers Edge under contract and is planning a 13,400-square-foot retail strip with five small-shop spaces. 3)Hearthview’s plan calls for 230 high-end apartment units behind Clearwater Crossing shopping center at 82nd St & Dean Rd, walking distance of the renovated Rivers Edge shopping center anchored by Nordstrom Rack & Container Store.

    Even 1 of these is too much strain on stretch. The road Infrastructure simply does not have more capacity. All 3 getting approved would be insane. Who within the city government is managing this / paying attention? More importantly, who within that organization/group is willing to travel to that area and sit thru stoplights multiple times to travel only a couple of miles? Come visit our world this Saturday... and envision any of 1 of these actually happening and adding to the road volume - then imagine 2 more...
  • Terri Gill
    Thanks, Teri. I agree... :)
  • Joyce A. Bradley
    Didn't know if you had seen this article about the new apartments going in at Metropolis. More people, more customers for Plainfield, more tenants for Plainfield - YES.

    Post a comment to this story

    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
    You are legally responsible for what you post and your anonymity is not guaranteed.
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
    Subscribe to IBJ
    1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

    2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

    3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

    4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

    5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.